Minneapolis—St. Paul Real Estate Market Update

Real Estate Weekly Update
September 7, 2010

Even with temperatures cooling, the Twin Cities housing market remained in its summer swelter of a holding pattern for the week ending August 28. Signed purchase agreements topped off at 636, continuing a sub-700 trend that has gone on for 15 weeks in a row. Prior to that, we had 15 weeks in a row of 700 or more pending sales per week.

Think about that for a minute. There were more pending sales in the metro during the first full week of February than in the last full week of August. And last year at this time, we were consistently hitting 1,000 or more pendings throughout the summer.

All of this adjustment firmly points to the federal tax credit for first-time home buyers that was in full swing both at this time last year and during the winter and spring months of this year. We have returned to a world void of juicy government incentives.

The number of homes for sale has grown to 27,271, up 8.6 percent from the prior year. Increased supply plus declining demand has caused the Supply-Demand Ratio to grow 56 percent in one year’s time. This boils down to greater opportunity for buyers and increased challenges for sellers. You’re probably used to hearing that by now. We’re certainly used to saying it.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis—St. Paul Real Estate Market Update

Real Estate Weekly Update
August 30, 2010

For twelve consecutive weeks now, the number of homes for sale in the Twin Cities housing market has been higher than it was a year ago. The gap between this year’s inventory and last year’s inventory at the same time period has been steadily growing.

The current inventory of homes for sale (27,784) is up 8.1 percent from this time in 2009. Inventory is not growing due to an influx of new sellers putting their homes on the market; It’s growing due to a drop in buyers who once were absorbing supply.

For the week ending August 21, there were 601 signed purchase agreements. This represents a decrease of 40.6 percent from a year ago. That’s the 15th consecutive week of significant declines compared to a year ago.

With supply growing and fewer buyers to purchase it, home sellers can expect a challenging fall market that will result in a downward pressure on home values. Motivated sellers who want to move quickly may have to pursue aggressive pricing to attract buyers.

As reported by the Minneapolis Area Association of Realtors
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Minneapolis—St. Paul Real Estate Market Update

Real Estate Weekly Update
August 23, 2010

The Twin Cities Housing market has seen some impressive highs and puzzling lows this year. Unfortunately, the lows have persisted through summer, despite low interest rates and a diverse and affordable housing stock.

Although New Listings are about where they were last year (near 1,600), Pending Sales remain as low as they’ve been all summer. The week ending August 14 bore just 631 signed purchase agreements, down 38.5 percent compared to last
year. The three-month total for pendings is 8,018 compared to 13,830 last year, which is an even heftier decline of 42.0 percent.

Active Listings are up to 27,784, 8.1 percent more than last year. Growing inventory is not the result of too many homes coming on the market but rather a product of not enough homes going off the market. With Months Supply of Inventory now at 7.8, it still remains a buyer’s market out there.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis—St Paul Real Estate Market: August 2010

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Mark Allen (Chief Executive Officer, Minneapolis Area Association of REALTORS®), audio recorded by Zach Foty and video produced by Chelsie Foty.
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Architectural Gem by Lake Harriet

One of those rare real estate offerings…

I see a fair number of houses and homes such as this one are the exception rather than the rule. Warm and inviting, meticulously designed and decorated, with wonderful natural light and an ambiance that makes you want to sit and stay. It’s homes like this that are both a treat to see and to show.

A beautiful and seamless addition on the back of this home makes it larger than it looks from the front. Highlights include the arched doorways and windows, the gorgeous (original?) tile surround on the living room fireplace, the center-island kitchen with ample work and storage space, the spacious family room with custom built-in bookcases, and the three-car attached garage. The fact that it’s located just one block from Lake Harriet is another reason to love it. A true gem! Call me today for more information or to schedule a showing. I don’t expect this one to last long.

(Click on any photo below to see it in larger format.)

 

Southwest Minneapolis home located just one block from Lake Harriet

 

Gorgeous tile surround on fireplace and arch-shaped windows.

 

Spacious dining room with arch-shaped windows.
Numerous windows for natural light.
Center island and stainless appliances

 

Family room with bookcases
Walls of windows and doors to deck in family room
Main bedroom with several wardrobe/closet options
Main floor deck off family room.

Click here to view the Virtual Tour

The Details:

  • Three bedrooms and two baths
  • Main and lower level family rooms
  • Hardwood floors
  • In-floor heat in main floor bath
  • Central air conditioning
  • Two fireplaces (gas-burning and wood-burning)
  • Wine cellar
  • Several outdoor patios (front, side and back)
  • Nightscape landscape lighting
  • Approximate finished square footage: 2,904
  • List Price: $789,000

For more information and/or to arrange a showing, contact:

Kate Walsh, REALTOR
Lakes Area Realty
612.220.3309
info@designhouse9.com

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Listing provided courtesy of Coldwell Banker Burnet.

Information deemed reliable but not guaranteed. Lasted updated on December 22, 2010 at 11:29am.

The data relating to real estate for sale on this site comes in part from the Broker Reciprocity program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than Lakes Area Realty are marked with the Broker Reciprocity logo or the Broker Reciprocity house icon and detailed information about them includes the names of the listing brokers. DesignHouse9 is not a Multiple Listing Service MLS, nor does it offer MLS access. This website is a service of DesignHouse9 and Lakes Area Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.


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Condo Listing in Edina: 6415 York Ave S #204

This property has been rented and is no longer for sale.

6415 York Avenue South #204 (Additional photos below)
Edina MN 55435
MLS #3943981

Brochure for 6415 York Ave S, #204

Incredibly affordable!

  • One bedroom, one bath.
  • Spacious living room can easily accommodate two seating areas.
  • Wood flooring in entry, kitchen, dining room, and hallway.
  • Updated kitchen and bath.
  • Separate dining area off kitchen.
  • Home office alcove.
  • Large balcony with privacy walls.
  • Attached, underground garage.
  • Secured entry building.
  • Air conditioning.
  • 760 square feet.
  • Second/top floor unit.
  • Walk Score = 75 (Very Walkable).
  • Convenient to Southdale Mall, Fairview Southdale Hospital, Centennial Lakes Park, 50th and France, Lake Harriet, Galleria, AMC movie theaters, restaurants, shops and more.
  • Near buslines.

List Price: $69,000

Quiet setting with green spaces and landscaping.

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West-facing balcony with sunset views.

For more information, contact:

Kate Walsh
Lakes Area Realty
612-208-2894
info@designhouse9.com
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Things to see and do near this condo, including visiting Edinborough Park and Centennial Lakes Park in Edina.

Centennial Lakes Park - Photo © City of Edina / Used with permission.
Centennial Lakes Park - Photo © City of Edina / Used with permission

Centennial Lakes Park - Photo © City of Edina / Used with permission

Centennial Lakes Park - Photo © City of Edina / Used with permission

Map courtesy of City of Edina
Edinborough Park Track and Pool
Edinborough Park

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Minneapolis—St Paul Real Estate Market Update

Weekly Market Activity Report
August 9, 2010

Rogue Housing Market Still Recalibrating to the New Abnormal

The Twin Cities housing market has found itself in a bit of a holding pattern in recent months, and July is no exception. The $175,000 median sales price was a 2.3 percent increase over July 2009. Pending sales in July were down 37.6 percent compared to last year, which is certainly less than ideal but expected. Due to weakened buyer demand, inventory grew modestly to 27,249 active listings, an increase of 5.4 percent over last year.

Demand has stabilized and should slowly return in the coming months. We hope that it returns to the market before prices have a chance to respond to the growing inventory.

Traditional sellers enjoyed a 5.0 percent price increase to $222,500, foreclosure prices remained flat at $119,000 and short sales posted a 3.5 percent price gain to $147,000. The traditional and foreclosure submarkets had a significant decline in pending sales, while short sales actually had a small increase.

There were 3,226 signed purchase agreements in July, a decrease of 1,948 contracts from last July. Seller activity also slowed, with 6,926 new properties coming onto the market.

All active listings experienced a minor spike. The supply-demand ratio increased 63.5 percent to 8.64, primarily due to declining demand and not a surplus of new product. This means that there are about 8.6 homes available per buyer for August.

Although the tax credit ended over three months ago, its negative externalities are finally beginning to pass. March and April enjoyed a big boost in sales performance at the cost of May, June, July, and most likely several additional months.

The economy is currently driving the housing market and not vice versa. The housing sector once generated corresponding construction, manufacturing and other jobs which in turn fueled economic growth. That hasn’t been the case of late.

More Stats:

For the week ending July 31, New Listings in the Twin Cities region were down 4.3 percent from last year, with 1,566 new properties coming onto the market. Pending Sales were down 34.3 percent from a year ago, as 651 purchase agreements were signed.

Over the last three months, there have been 13.4 fewer new listings than there were during the same period a year ago and 38.7 percent fewer pendings. This means increasing inventory. There were 27,627 Active Listings for Sale as of August 9, up 6.6 percent from the same point in 2009.

The growth in inventory, combined with slowed sales demand, means that the number of homes available per buyer in August has jumped to 8.64, up dramatically from the mark of 5.28 seen a year ago.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis—St. Paul Real Estate Market: Aug 2, 2010

Weekly Market Activity Report

Whether May or June or July, we’re finding it difficult to report anything new to you for the warm weather months of 2010. Week-in and week-out, we’re showing a recurring pattern of behavior in the Twin Cities housing market, and the week ending July 24 isn’t much different. Pending Sales are at 628 for the week, down 37.8 percent compared to last year, and Active Listings for Sale are at 27,661, up 5.4 percent.

These percentage changes represent a bit of a holding pattern. In fact, we’ve been here since the expiration of the tax credit. There was a minor bump in Active Listings but it wasn’t sufficient to convince us that we’re heading toward another oversupply situation.

Days on Market and Months Supply of Inventory continue to indicate a favorable market for home buyers. But with interest rates remaining at historic lows, there appears to be no sense of urgency. We may see a minor kerfuffle in the market before the school year begins, but 1,000-plus pendings per week in August doesn’t seem likely, let alone 800.

As reported by the Minneapolis Area Association of Realtors

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Interest Rate Update:

Interest rates remain attractively low. Today I’m seeing rates as follows:

Conventional 30-year fixed: 4.375%
Conventional 15-year fixed: 3.750%
FHA 30-year fixed: 4.250%

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Minneapolis—St. Paul Real Estate Market: July 2010

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Brad Fisher (2010 President of the Minneapolis Area Association of REALTORS®), audio recorded by Zach Foty and video produced by Chelsie Foty.

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Here’s an interesting article from The Associated Press on the housing market, both national and local.

Housing recovery is about timing and location

By J.W. ELPHINSTONE (AP) – 5 hours ago

NEW YORK — If you bought a home in San Francisco in the past year, it might feel like the housing slump is over. Bay area home prices have shot up 18 percent in the past year.

But someone next door who bought in 2006 may have suffered a 35 percent loss in value. And if you’re a Las Vegas homeowner, there’s been no good news in four years.

The latest report on home prices confirms that real estate is all about timing and location.

Nationally, home values rose 1.3 percent in May from April, according to the Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday. And 19 of 20 cities showed price gains month over month.

Yet conditions are hardly uniform across the country. Some cities, such as San Francisco and Washington, have less area to build out and better job markets, so they have suffered less or in some cases recovered more quickly. Even cities like Phoenix and Las Vegas, which endured some of the worst losses after the housing bubble burst, are seeing vastly different trends over the past year.

“Generally, in any recovery, there is always parts of the country that lead the way and certain parts that lag behind,” said Jonathan Basile, vice president of economics at Credit Suisse. “To understand why, you have to look at the economies of those areas and how much building went on to help determine why one outperforms and others underperforms.”

Take the metro areas in Las Vegas, Phoenix and Miami. Home values soared in all three cities during the early part of the last decade, then plummeted in the last few years. All three have struggled with high foreclosures.

Yet over the past year, while home prices rose 7.2 percent in Phoenix, they ticked up only 1.2 percent in the Miami and fell 6.5 percent in Las Vegas.

Part of the reason is that Phoenix has a healthier job market than the other two cities. Its metro area had an 8.7 percent unemployment rate in May, one point lower than the national average.

Las Vegas, meanwhile, had a 14.1 percent unemployment rate in May, while Miami had an 11.2 percent rate. That left fewer households in position to take advantage of government tax credits for homebuyers that expired in April and the lowest mortgage rates in decades.

Prices in Las Vegas have lost more than half their value since peaking in August 2006. And the long-term picture isn’t rosy either. Home values there have risen a mere 2 percent since 2000, according to S&P/Case-Shiller.

Miami home prices are up 46 percent since the beginning of the decade, but just 1 percent over the past year. High-end sales have helped boost the median price. In the last three months, there were five sales between $8.7 million and $15 million. There have been only 27 of those in the past nine years, said Ron Shuffield, president of Esslinger-Wooten-Maxwell Realtors Inc.

And prices could drop quickly in Miami over the next year. Nearly 23 percent of those homeowners with a mortgage in the area have either missed three consecutive payments or were in foreclosure, according to Moody’s Analytics. That compares with 10 percent in Phoenix and 15 percent in Las Vegas.

“Just like in the housing boom period you had significant divergence by regions, in the early periods of recovery, we’re seeing similar divergence,” said Zach Pandl, analyst at Nomura Global Economics. “But it’s not exactly the same cities in these groups.”

Of all cities, San Francisco has shown the sharpest turnaround. After values plunged 46 percent to their low in March of last year, they have regained 21 percent, the best performance in the S&P/Case-Shiller report.

Doug Duncan, chief economist at mortgage giant Fannie Mae, said housing is healthier in big cities in the Northeast and on the West Coast because they have limited land for construction and better local economies.

With desirable San Francisco, “you have an ocean on one side and some mountains on the other side,” he said.

State homebuying tax credits and a shorter foreclosure process also have helped California housing markets.

Federal tax credits for homebuyers helped prop up prices in cities like Minneapolis where the median home price is just under $170,000. Home values there rose nearly 3 percent in May from April and nearly 13 percent from last year, S&P/Case-Shiller showed.

“But the wind has been taken out of our sails since the expiration and prices are flattening out, especially for entry-level homes,” said Pam Kowalski with Counselor Realty in Minneapolis.

Most economists don’t expect the price increases to last through the year. And many predict prices will fall through the rest of the year. A high number of foreclosures will continue to weigh on prices in many areas, and job uncertainty and tight credit are still keeping many would-be buyers sidelined.

“I bet in six months, 15 to 20 cities will have falling prices,” said IHS Global Insight economist Patrick Newport. He predicts prices will fall a further 6 percent to 8 percent before turning around next year.

The pain, though, likely won’t be equally shared.

AP Business Writers Christopher S. Rugaber and Alan Zibel in Washington contributed to this report.

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Interest Rate Update

Today I’m reading reports of interest rates at 4.375% for a 30-year fixed loan and 3.875% for a 15-year fixed loan. These are incredible rates! Call me if you’d like to discuss your real estate possibilities. I’m happy to be of service in making your dream come true.

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Minneapolis—St. Paul Real Estate Market: July 26, 2010

Weekly Market Activity Report

It’s been almost 3 months since the expiration of the federal home buyer tax credit and the market appears to have settled into something of a rhythm. With the dust settling, pending sales have become mostly fixed in the 500-to-600 per week range for the past 9 weeks.

While the dramatic drop from a year ago is certainly not positive, demand is at least holding relatively steady for the time being. The 626 purchase agreements signed for the week ending July 17 were 39.7 percent behind a year ago. For the same reporting week there were 1,618 new listings in the Twin Cities, down 10.0 percent from a year ago.

Inventory is rising due to slower demand. The 27,350 homes currently available for sale represent an increase of 4.8 percent from last year.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis—St. Paul Real Estate Market: July 19, 2010

Weekly Market Activity Report

For the week ending July 10, the number of pending sales held steady with the week before but remained well behind last year’s pace. The 545 signed agreements during the week represent a drop of 45.9 percent from last year at this time. That’s the tenth consecutive week of year-over-year declines in buyer demand, a period that coincides with the loss of the federal tax credit for first-time home buyers.

The 1,542 new listings for the most recent reporting week are also down compared to last year but not to the extent of pendings, posting a decline of 17.4 percent from a year ago.

Inventory is up 4.4 percent from a year ago. Because the growing inventory is being greeted with slim buyer demand, the balance of buyers and sellers is shifting the market back in the buyer’s favor. The July Supply-Demand Ratio of 7.44 means that there are 7.44 houses for each buyer this month, up 46.9 percent from the mark of 5.06 seen a year ago.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis—St. Paul Real Estate Market: June 2010

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by David Arbit, audio recorded by Zach Foty and video produced by Chelsie Foty.

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Interest Rate Update

Today I’m reading reports of interest rates at 4.375% for a 30-year fixed loan and 3.875% for a 15-year fixed loan. I’m wondering what impact these rates will have on homebuyer activity for the rest of this month. These are incredible rates!

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How to Know if it’s Better to Buy or Rent

Continue to rent or buy? This is an often asked question among potential home buyers. One makes an analysis of the two scenarios (buy vs. rent) and comes to a decision. But how many buyers have the ability to quickly factor in most of the anticipated costs of owning with relative ease? A calculator would help.

New York Times Interactive Calculator

(Click on photo to enlarge.)
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Fortunately, the New York Times has provided just such a calculator for this analysis. Plug your numbers into the calculator and find out how many years you’ll need stay in the place you’re buying to save money over renting.

http://www.nytimes.com/interactive/business/buy-rent-calculator.html

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Minneapolis-St. Paul Real Estate Market: April 2010

Here’s the Monthly Skinny for April 2010, which is produced by the Minneapolis Area Association of REALTORS.

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Brad Fisher (2010 President of the Minneapolis Area Association of REALTORS®), audio recorded by Zach Foty and video produced by Chelsie Foty.
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Elegant Brick Condo by Lake of the Isles

Featured: Illyricun Condo

Illyricun Condominium in Minneapolis, MN

This elegant and beautiful building is located at 2719 Humboldt Avenue South in Minneapolis. It’s a short walk to both Lake of the Isles and Uptown. The association is comprised of seven units, six that are almost 1800 square feet in size and one garden level unit that is less than 1000 square feet.

Illyricun Condominium in Minneapolis MN

The building was originally built as an apartment house and retains most, if not all, of the exquisite exterior detailing from when it was constructed in 1913. The front steps lead to a two-story, exterior entry area; the doorway is framed in an arch and the opening at the second level is also arched. The top floor units have arched windows along the front of their units which provide continuity with the framing arches on the first and second floors.

There is currently one unit on the market, priced at $349,900.

Living room with fireplace
Note the windows on three sides of the living room. Divine!
Formal dining room with built-in buffet and elegant moldings.
Sunny kitchen with informal dining area.
Unique tile work in the bathroom that has a separate tub and shower.
Spacious entry hall / foyer

Contact me for more information about these units and other condo properties in Minneapolis.

Kate Walsh, Realtor®
Lakes Area Realty
612.220.3309
info@designhouse9.com

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Listing provided courtesy of Edina Realty, Inc. and Coldwell Banker Burnet.

Information deemed reliable but not guaranteed. Lasted updated on October 24, 2010 at 17:39pm.

© Copyright 2010, Regional Multiple Listing Service of Minnesota, Inc. All rights reserved.

The data relating to real estate for sale on this site comes in part from the Broker Reciprocity program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than Lakes Area Realty are marked with the Broker Reciprocity logo or the Broker Reciprocity house icon and detailed information about them includes the names of the listing brokers. DesignHouse9.com is not a Multiple Listing Service MLS, nor does it offer MLS access. This website is a service of DesignHouse9.com and Lakes Area Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.

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For additional properties, please see Select Homes for Sale.

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Minneapolis-St Paul Real Estate Market: March 2010

Here’s the Monthly Skinny for March 2010, which is produced by the Minneapolis Area Association of REALTORS.

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Cari Linn (Secretary of the Minneapolis Area Association of REALTORS®), audio recorded by Zach Foty and video produced by Chelsie Foty.

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4105 Upton Ave S, Mpls

Property has Sold—No Further Showings

4105 Upton Avenue South, Minneapolis MN 55410 — $699,900
Sale Price: $625,000

Spacious and sun-filled duplex in Linden Hills.
Short walk to Lake Harriet and the Linden Hills business district.

Walls of windows in the dining and living rooms.
4105 Upton Ave S — Sunroom currently used as office.

Main Floor Unit:

  • 2+ bedrooms and 3 baths.
  • Open floor plan.
  • Hardwood floors.
  • Three-sided gas fireplace between living and dining rooms.
  • Updated kitchen is open to dining room.
  • Master suite features an arched window and a row of glass-block atop the wall separating the bedroom and dining room.
  • Lower level includes a family room with built-in cabinetry and “bar” with sink and fridge. This space can also be a guest suite with Murphy bed and its adjoining bath. A French door at the bottom of the stairs provides greater privacy from the main floor.
  • Laundry and mudroom by attached garage. Laundry room has Duet® washer and dryer.
  • Other highlights include a deck and courtyard and an attached double garage.
  • Main unit finished square feet: approximately 2,090
4105 Upton Ave S — Living Room with great windows.
4105 Upton Ave S — Nicely updated kitchen
4105 Upton Ave S — Master bedroom suite. Note glass block in wall dividing bedroom and bath.

Upper-Level Unit:

  • Two-level unit on 2nd and 3rd floors.
  • Private entrance at front of property and two private interior entries.
  • 3 bedrooms and 2 full baths.
  • Large living room, formal dining room and eat-in kitchen on 2nd floor.
  • Gas fireplace in living room.
  • Two bedrooms and a bath on the 2nd floor.
  • 3rd floor includes a bedroom, sitting room, full bath, laundry, and deck.
  • Numerous skylights on the 3rd floor.
  • Decks off of living room and kitchen on 2nd floor.
  • Upper unit total finished square feet: Approximately 1,800
4105 Upton Ave S — 2nd floor unit living room
4105 Upton Ave S — 3rd floor space with skylights
4105 Upton Ave S — 3rd level deck
4105 Upton Ave S — Exterior during warm weather months.

For additional information or to schedule a private showing of this fine property, please contact:

Kate Walsh
Lakes Area Realty
612.220.3309
info@designhouse9.com

Please see Select Homes for Sale for additional properties.

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Minneapolis-St Paul Real Estate Market: February 2010

Here’s the Monthly Skinny for February 2010, which is produced by the Minneapolis Area Association of REALTORS.

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Pat Paulson (President-Elect of the Minneapolis Area Association of REALTORS®), audio recorded by Zach Foty and video produced by Chelsie Foty.